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Framework Analysis of the Digital Asset Market Clarity Act
Grassroots movements across the country continue to heat up
The Senate is scheduled to hold a procedural vote on the bill on September 15
Coinbase CEO Brian Armstrong believes that Regardless of the vote, the cryptocurrency industry will achieve regulatory clarity
Framework analysis of the Digital Asset Market Clarity Act
The proposed legislation establishes a dual regulatory system for digital asset regulation. Digital tokens designated as securities will be governed by the Securities and Exchange Commission (SEC). At the same time, the Commodity Futures Trading Commission (CFTC) will oversee decentralized commodities such as Bitcoin.
According to Armstrong, the bill has broad support across the party. He pointed out that forces from law enforcement agencies, traditional financial institutions and cryptocurrency companies all agree with this. He said that the concerns previously raised by Coinbase have been fully addressed.
Current negotiations focus on the moral requirements of elected officials who hold digital assets. Armstrong said the White House has proposed a strong framework, while Democrats are seeking stricter restrictions, including mandatory divestiture requirements. He expressed optimism that "the two parties are close to reaching an agreement."
National grassroots advocacy activities upgrade
Legislative advocacy never stopped during Congress's summer recess. Cryptocurrency platforms and banking associations have launched targeted campaigns in states where senators are located, using commentary editorials, voter letter campaigns and face-to-face meetings to lobby.
Stand With Crypto, an advocacy group backed by Coinbase, reported that in August alone, it submitted nearly 50,000 voter contact records to congressional offices. The organization has held events in multiple states, including Iowa, Michigan and Georgia.
In contrast, the Independent Community Bankers Association of America met with senators at its local district offices. Their main concern concerns the bill's stablecoin framework, which they believe could allow digital currencies to compete directly with traditional bank deposits, weakening banks 'ability to lend.
Democratic lawmakers insist that strengthened anti-money laundering provisions and moral safeguards are prerequisites for their support. Getting 60 votes in the Senate requires bipartisan cooperation.
Armstrong responded to criticism from traditional bank executives, including JPMorgan Chase CEO Jamie Dimon, who claimed the bill provided Coinbase with an unfair regulatory advantage. Armstrong did not directly name Dimon, but suggested that operators with huge payment businesses were "protecting their own interests." He emphasized that the support of Goldman Sachs, Bank of New York Mellon and Fidelity Investments demonstrated institutional endorsement.
Armstrong also highlighted Coinbase's leadership in agency finance, noting that more than 90% of agency payment transactions use Base-Coinbase's proprietary blockchain network.
Regarding Bitcoin price forecasts, Armstrong reiterated his view of reaching the $400,000 target by 2030 as "achievable" and announced that "a cyclical bottom has been established."
Although September 15 is only a procedural vote, market analysts believe the outcome may be decisive and will determine whether the bill continues or faces an indefinite delay.
